When PipeSnug founders Alex Lever and Chris Burdett entered BBC’s Dragons’ Den, they left with an offer from not one, but two Dragons. Here, they tell Professional Builder about the big day.
Q: What made you decide to apply to Dragons’ Den?
Alex: We were looking for investment to help take the business to the next stage when out of the blue we received an email from a researcher for Dragons’ Den who asked whether we were interested in applying.
Chris: We thought it was a wind-up initially, but the timing worked, so we thought, why not give it a go!
Q: Did you know beforehand precisely what figure you were willing to accept for a stake in PipeSnug?
Alex: We had a figure that we felt comfortable with and discussed that with a couple of independent advisers to make sure we weren’t way off the mark. So yes, we had a strategy to work to when we were in there.
Q: What happened on the day? Did you just walk out of the lift, into the den and pitch?
Alex: We were one of five entrepreneurs filming that day. There was a lot of nervous tension in the building. We were kept in the lift for what felt like an eternity, but when those doors open, you walk out and it’s straight into the action!
Chris: The pitch itself is only two to three minutes, but there is a long period after that for the Dragons to ask any. We were actually in the Den for around two hours. Then you also have the interviews with the production team before and after.
Q: That sounds tough! How difficult was it to pitch?
Alex: We’ve pitched PipeSnug quite a bit over the years to a wide variety of people, but nothing quite prepares you for pitching in the Den. I did actually freeze for a few seconds just after starting my section of the pitch but luckily the editors were kind on me and removed that from the final programme. Once the pitch was over and we got into the questioning, I relaxed and bizarrely actually quite enjoyed the experience!
Q: Are the Dragons as scary as they seem?
Alex: No, we didn’t find them that scary. They can be direct and brutal, but you have to learn to take knocks in business and have the confidence and belief in yourself and your product or idea to respond accordingly.
Q: How did you feel when both Peter and Deborah said they would invest?
Chris: I was quite surprised to be honest. It’s not a sector Peter has invested in much before, but it just seemed too good an opportunity for him to turn down!
Q: It ended very well for you but it seems like a ruthless process – what advice would you give other entrepreneurs who might want to apply?
Alex: Have complete confidence in yourself and your business. Make sure you prepare thoroughly and anticipate all the questions you are likely to be asked. You will be found out very quickly, so don’t try and wing it.
Q: So what’s next for PipeSnug?
Alex: Growth! In the short to medium term, we want to increase availability and sales of our current products and develop new versions of PipeSnug for different sizes and different applications. Longer term, we want to explore the export markets, as we have now secured patents in the USA, Europe, Australia and elsewhere.
Chris: I think securing a deal in the Den with the titans of the programme has given us a confidence boost and even more belief that we have a great product and great business that we need to grow much bigger.
For more on PipeSnug visit www.pipesnug.co.uk
Watch the episode on iPlayer at https://www.bbc.co.uk/iplayer/episode/m0015yhz/dragons-den-series-19-episode-13
